Bitcoin astounds by rising $1,000 overnight
Bitcoin made a break from under $7,000 to more than $8,000 in less than 24 hours.
Bitcoin has stubbornly resisted selling pressure over the last 24 hours to rise from under $7,000 to more than $8,000 in almost the blink of a eye.
It has now more than doubled in value since the start of the year, and the immense rise has everyone asking the same question. Is Bitcoin back?
Analysts have struggled to pin the rise on anything in particular, but there has been a general culmination of good news from institutional investment side of things, with platforms such as Bakkt nearing fruition, and ongoing advances from big players like Fidelity.
And while the pace of Bitcoin's ascent is astounding, it isn't entirely unexpected - nor unprecedented.
Some were calling the bottom back in February 2019, and there's a widespread and reasonably founded assumption that Bitcoin prices are cyclical. According to that assumption, it's time for another rise.
Elsewhere, people are attributing the recent action to Bitcoin whale movements, market manipulation and various other theories.
As is customary, Bitcoin hasn't been alone in its rise. Other coins are rising too, and some even more-so.
Bitcoin is up more than 10% over the last 4 hours, but XRP has beat that with a 20% rise in the same time.
Others are lagging, and faced only relatively minor gains, while a handful have even declined. This might be attributed to people shifting their positions from altcoins into Bitcoin to capitalise on the rise.
Which way it goes next remains to be seen, but any price dips are being quickly swallowed by buyers, and the bulls appear to be quite energetic.
Disclosure: The author holds BTC, BNB, ATOM at the time of writing.
